Recently, Rentals.ca released its November 2023 Rent Report, revealing the rental rates in Canada. It analyzed the average rent for one and two bedrooms in 35 cities throughout Canada. Discover which cities are the most and least expensive cities in Canada for renters, and select the one that best suits your budget for immigrating to Canada. 

Rental Rates In Canada

The report demonstrates that in the last six months, rental rates in Canada have hiked by $175. As of October, the average rent across the country reached a new peak, standing at $2,178 for the sixth consecutive month.   

In October, the annual rent growth rate in Canada was 9.9%. This figure indicates the second-fastest yearly rise in the previous seven months.

This rental report further discussed the rent inflation in Canada. It highlights that the price rise in specific areas, including Quebec, Alberta, and Nova Scotia, drives the price surge for renters. According to the report, this increase arises from the robust population growth and the introduction of new rental supply prices that are higher than the average market rents.

The Most Pricey Cities in Canada for Renters

This section showcases the most pricey cities in Canada for renters, as per the rental report.

  • Vancouver, BC: The average rent for a one-bedroom is $2,872, and for a two-bedroom, it is $3,777.
  • Burnaby, BC: The average rent for a one-bedroom is $2,647, and for a two-bedroom, it is $3,341.
  • Toronto, ON: The average rent for a one-bedroom is $2,607, and for a two-bedroom, it is $3,424.
  • Oakville, ON: The average rent for a one-bedroom is $2,524, and for a two-bedroom, it is $3,337.
  • Mississauga, ON: The average rent for a one-bedroom is $2,352, and for a two-bedroom, it is $2,851.

In the study of the top 25 most costliest markets for renters in Canada, 14 were located in Ontario, while nine were in British Columbia.

Vancouver remains at the top, having the highest average rent for all categories. The General Toronto Area and Peel region followed it next regarding rental expenses.

As per the report, in Toronto, the biggest city in Canada, rental prices declined by less than 1% last month compared to the previous year. Since 2021, the drop is the city’s first yearly rent decrease.

In October, British Columbia had the highest average asking rents for apartments in the province, standing at $2,639 per month. However, rents in BC decreased marginally month over month, highlighting the second successive decrease. This means that rents in British Columbia may continue to drop. 

In October, Ontario showed the slowest yearly growth in terms of apartment rents. It recorded a 4.6% rise compared to the September, standing at 6.6%.

The least pricey cities in Canada for Renters

This section showcases the least pricey cities in Canada for renters, as per the rental report.

  • Saskatoon, SK: The average rent for a one-bedroom is $1,109, and for a two-bedroom, it is $1,340.
  • Regina, SK: The average rent for a one-bedroom is $1,191, and for a two-bedroom, it is $1,405.
  • Fort McMurray, AB: The average rent for a one-bedroom is $1,226, and for a two-bedroom, it is $1,478 
  • Red Deer, AB: The average rent for a one-bedroom is $1,249, and for a two-bedroom, it is $1,464.
  • Winnipeg, MB: The average rent for a one-bedroom is $1,282, and for a two-bedroom, it is $1,692.

The report reveals that the cheapest places in Canada for renters are typically rural areas and smaller cities. 

The largest monthly rent increases are seen in the Prairie provinces of Manitoba and Saskatchewan. Manitoba has an increase rate of 5.5%, whereas Saskatchewan has 4%.

In October, Manitoba’s average asking rent for apartments was $1,510, which is a 7.6% yearly increase. In September, it showed a 3.1% annual growth. The apartment rent in Saskatchewan was an average of $1,409, which is an annual rise of 5.8% in October. In September, it stood at 3.8%.

The process of locating a rental place in Canada

Now that you’ve explored the rental rates in Canada; the following is how you can locate a rental place in Canada. Finding a suitable and affordable place to live in Canada can be challenging for newcomers. Thus, it’s essential to consider where and what kind of place you want to live as per your budget and needs.

In Canada, there is a variety of dwelling options for new immigrants, including rental as well as permanent places to live in the country. These include single-family detached homes, duplexes or triplexes, apartments, individual rooms, and townhouses. 

  • Single-family detached homes are standalone properties, while duplexes or triplexes are houses divided into two or three units;
  • Apartments typically have one, two, or three bedrooms and are found in buildings or houses. These are typically single-family units;
  • Homes can be separated into different bedrooms. These bedrooms are rented to people who share common space like bathrooms and kitchens, and
  • Townhouses have three or more units sharing adjacent walls and can be stacked to create separate tops and floors.

If you are planning to immigrate to Canada and are looking for rental places, it’s always a good idea to examine the neighborhood where you intend to move. You can also search on platforms such as Google Maps to get a general idea of the areas as well as the neighborhood.  

Resources to Find a Rental Place in Canada.

After determining the kind of place you want to live in Canada, you can use resources to find a place to rent easily across the country. 

The simplest way to discover a place to rent in Canada is to walk around the places where you desire to live and look for signs like ‘For Rent.’ This will help you find the places that are suitable for you. In addition, you may also ask the superintendent if there are any available rental places in the present or near future.

Besides these, you can consider the following resources to look for a nice place to rent. 

  • Online Rental Listing Platforms: Online platforms like PadMapper and Zumper provide an easy way to search for rental places in Canada. This also lets you filter the search by price, location, number of bedrooms and view apartment locations on a map;
  • Rental agencies: You can consult with rental agencies to seek help in finding a house in Canada;
  • Realtor.ca: This website lets you search for rental properties throughout Canada. You can filter the results as per your needs to narrow down the search. The available filter choices are location, price, property type, etc.;
  • Local immigrant settlement agency: Many agencies provide housing-related services to newcomers. They help you find a place to live as per your desire and budget and understand your duties and rights as a renter and
  • Bulletin boards:  Notice boards in various places such as grocery stores, health clinics, community centers, laundromats, service clubs, or real estate offices, which may advertise rental places in specific locations with offers and costs.

If you are interested in immigrating to Canada, you must consider several things. And housing is one of those important things. Also, comparing rental rates in Canada can be a critical factor to consider while searching for a place to live in Canada.